From the onset of this article, I would like to let the reader know that I am not a Technical Analysis expert. Any further opinion in this piece is based purely on fundamentals and observations. Therefore, looking at the performance of BTC since the expiration of last month’s CME Bitcoin Futures contracts on the 26th of October, we can easily tell that it has a price momentum of moving past the $6,600 level experienced by some traders only a few hours ago.
Traditionally, whenever Bitcoin futures contracts offered by either CME or CBOE expire, we experience a decline in value of not only BTC, but the entire spectrum of cryptocurrencies. However, something unique happened in the month of October. Bitcoin managed to maintain levels above $6,400 leading up to the expiring Futures contracts on the 26th.